Bluetrum(SH:688332) Capital Securities·2024-02-20 16:00Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The company is expected to achieve significant revenue and profit growth in 2023, driven by product structure upgrades and demand recovery. Projected revenue is between 1.43 billion to 1.45 billion yuan, representing a year-on-year increase of 32.42% to 34.27%. The net profit is expected to be between 240 million to 260 million yuan, reflecting a year-on-year growth of 70.34% to 84.53% [10]. - The company has seen an increase in the sales proportion of its Xunlong series, with key breakthroughs in brand clients. Major brands like Xiaomi and realme are utilizing the company's chips in their headphone products, and the company is expanding its second-tier brand client base [10]. - The company is expanding its product lines around Bluetooth and Wi-Fi connectivity, with eight main product lines including Bluetooth headset chips, smart wearable chips, and AIoT chips. Continuous technological iterations and product upgrades are being pursued to expand new application scenarios [10]. - The company's products are sold domestically while targeting global customers. With approximately 60%-70% of its shipments going overseas, the recovery in overseas demand is expected to drive continued revenue growth [10]. - Profit forecasts for the company are 250 million, 343 million, and 478 million yuan for 2023, 2024, and 2025 respectively, corresponding to PE ratios of 33, 24, and 17 times based on the stock price as of February 19 [10]. Financial Summary - Revenue (in billion yuan): 10.80 in 2024E, 14.45 in 2025E, 19.11 in 2026E, 24.46 in 2027E, with growth rates of 33.82%, 32.25%, and 28.00% respectively [10]. - Net profit (in billion yuan): 1.41 in 2024E, 2.50 in 2025E, 3.43 in 2026E, 4.78 in 2027E, with growth rates of 77.12%, 37.37%, and 39.34% respectively [10]. - EPS (in yuan): 2.08 in 2024E, 2.86 in 2025E, 3.98 in 2026E [10].